Dubai-listed Damac eyes land plots for new Saudi projects
by Parag Deulgaonkar
Dubai-based Damac Properties is looking to acquire land plots to launch new projects in Saudi Arabia, the developer’s senior vice-president, Niall McLoughlin, told Argaam.
“Saudi Arabia is a very interesting market for Damac and we are very enthusiastic to acquire more land there, so we can do further developments,” he said during in an interview at the Arabian Travel Market (ATM).
“We have a team looking for different development opportunities as we are very interested in Saudi as a market since the demographics and the young population has created more opportunities there,” he added.
The Dubai Financial Market-listed developer forayed into the Kingdom in 2013, having delivered a 25-storey tower in Jeddah in 2016.
Separately, Damac Hotels and Resorts, the developer’s hospitality arm, signed an agreement with Rotana Hotel Management Corporation to operate DAMAC Towers Arjaan by Rotana, which houses over 450 serviced apartments in Riyadh.
“The investors will be very happy to have a brand like Rotana who have a lot of expertise in Saudi Arabia,” Jean Faivre, senior vice president – hospitality, Damac Hotels and Resorts, told Argaam.
“We believe Rotana has the experience which is required for the Saudi market particularly in Riyadh. There is lot of competition in Riyadh and we feel our brand is best used here in Dubai,” he added.